Banks not able to fulfil exchange hang onto your money!

Mawftech

Hi, off to Barbados in a couple of weeks and used HSBC forex exchange service to order BBD $'s at a not fantastic but ok rate. Transaction went through, delivery date booked and UK sterling taken from my bank. 2 days later I get a call from HSBC saying that they cannot get hold of the cash and so have cancelled the transaction. Next sentence, we will refund your money back to the same account in 3 to 10 working days. It's been 5 working days so far and no sign of a refund. If banks can take the money straight away from your account, they should be able to refund at worst next working day. It should not take up to 10 working days (2 weeks!) to refund your cash. If this was a last minute deal, I'd be out of pocket for the trip. What's worst, I actually bank with HSBC too. Anyone at MSE or on this forum got any comments?

Westin

Not sure why you would bother to order and take B$D.

ATM at Bridgetown on arrival, or take USD$ which are pegged to the B$D and widely accepted all over the island.

If they told you it will take between 3-10 working days to refund and so far it has been 5 working days, then you have a few more days to wait.

Mawftech

Yes, get what you're saying but any institute hanging onto money for a refund of services not fulfilled is a definite sharp practice. Got onto the bank myself and complained when they then informed me that they used TravelEX to do the deal not themselves and so I told them that I made the contract with them as the agent not TravelEX so the bank needed to sort it it. Result, refunded within the hour!

No institute should have any issue with immediate refunds when they cannot carry out their obligations and we should not be held hostage by these kind of excuses. Banks make more than enough out of us already so there's no excuses IMHO.